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What happens if you can't pay your bills?

Seriously, has anyone not paid a bill-like house, car, the important ones? What happens? How long would it take someone to start taking all your stuff? Or does what really even happen? I've never missed a bill in my life, but hey you never know right?

Answer Question
 
willngingersmom

Asked by willngingersmom at 12:52 AM on Apr. 13, 2010 in Money & Work

Level 13 (1,226 Credits)
Answers (7)
  • from what i've heard, most billing agencies allow one month a year to be late..but i personally dont know either..i always pay mine on time..
    alexis_06

    Answer by alexis_06 at 1:00 AM on Apr. 13, 2010

  • I think as soon as 2 months your car can be repo'd. I don't know how long it would take them to come after your home.
    BlooBird

    Answer by BlooBird at 1:05 AM on Apr. 13, 2010

  • Here's a thought... why not use cash for everything? Automatically pay your bills as they come due and if there is anything left over, then get what you need. The realities of using cash can really help you see what you do and do not need in your life. Good luck...
    Anonymous

    Answer by Anonymous at 1:20 AM on Apr. 13, 2010

  • anon ...you didn't even read the details, did you?
    sheesh.

    my mom didn't pay rent for 2 months before they kicked her out. her electricity didn't get paid for 3 months i think before they turned it off.
    outstandingLove

    Answer by outstandingLove at 1:24 AM on Apr. 13, 2010

  • Loan payments (mortgage, car) depend on the contract you signed when you took them out. Most companies will try and work with you.

    Utilities usually depend on the company. For instance, we get our power& water from our town. You have to pay the bill during that month or they turn it off. My parents get their power (have well water) from Duke Power. They could miss a month or two before it would be turned off.
    SpiritedWitch

    Answer by SpiritedWitch at 1:44 AM on Apr. 13, 2010

  • It all depends on where you live and who the company is. The electric company where I live will send you a disconnect notice dated the day your bill is due if your bill isn't paid. They will disconnect a week later. But the phone company will let you go 2 months. My car insurance has, when I called them once in a desperate situation, given me 2 months that I didn't have to pay my bill (I had to pay it all and catch up, but they let me not pay when it was due without cancelling my policy). If you were ever to be in a situation where you couldn't pay a bill, I think the best thing to do would be to call that particular company and explain to them what is going on and ask for an extension. That way, they're likely to work with you, easing some of your stress, and it's less worry that you might lose your home, car, or whatever.
    tropicalmama

    Answer by tropicalmama at 6:21 AM on Apr. 13, 2010

  • Legally they can cut you off or repo. as soon as you are late. Most places will give you a month. A car repo will usually let you be late up to six months, and a foreclosure will usually take at least six months to get through. Again though, legally they can repo items and foreclose the day you are late. They will probably give you lots of warning though. So open up the mail.
    Anonymous

    Answer by Anonymous at 10:34 AM on Apr. 13, 2010

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